Bob Plain is the editor/publisher of Rhode Island's Future. Previously, he's worked as a reporter for several different news organizations both in Rhode Island and across the country.

3 responses to “Bill Would Cut Payday Loan APR from 2603 to 363”

  1. jgardner

    “While detractors of the bill say this is the only way some people can get a loan in a bind, Morisseau said there are several other options.”
    If all these other, apparently superior, options exist, why is the gov getting involved at all? Won’t payday lenders go out of business on their own then? Either way, I still don’t see how reducing credit options will be a net positive for consumers. If payday loans were such a terrible deal you wouldn’t need to effectively legislate them out of business.

  2. forsanri

    Another fine example of a worthless General Assembly.  We can’t even get the Division of Banking Regulation or the Attorney General’s office to enforce existing law or provide any resources for consumer protection, yet they want to add another law? 

    Do these jokers have any idea that there is almost ZERO enforcement from this state for consumer protection?

  3. DanielSmith

    Most states have usury laws that limit the interest that can be charged, usually somewhere between 6 and 12 percent. However, in the 1980′s special exemption was made for banks, loan companies and other entities due to inflationary conditions. There are more choices here than charging no interest and charging exorbitant rates that are virtually impossible to pay back. A reasonable rate of return on a cash loan doesn’t drown the borrower in permanent indebtedness.

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